Question 7 (4 marks) "Japan cut its economic view for the first time in four months as a surge in COVID-19 cases disrupt

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Question 7 (4 marks) "Japan cut its economic view for the first time in four months as a surge in COVID-19 cases disrupted manufacturers' global supply chains and dampened consumer confidence. In a monthly assessment approved by the cabinet on Thursday, the government pointed to domestic and overseas virus situations as evident downside risks to the country's economic recovery." Source: https://www.reuters.com/world/asia-paci ... due-covid- revival-2021-09-16/ Accessed: 14/10/21 Japan's economic recovery can be aggregated and measured in terms of three major economic flows. These are: a. income, spending and saving. b. spending, production and saving. c. income, saving and production. d. income, spending and production. Question 8 (4 marks) "Consumption in Vietnam could grow by US$130 billion over the next decade as Asia continues to be the world's consumption growth engine, Vietnam News Agency (VNA) quoted a new report from McKinsey." Source: https://www.thestar.com.my/aseanplus/as ... r-markets- expected-to-grow-by-us130-billion-over-next-10-years Accessed: 14/10/21 simple circular flow of economic activity, goods, and services flow via: In a. factor markets to goods markets. b. goods markets from households to firms. c. factor markets from firms to households. d. goods markets from firms to households.

Question 9 "U.S. consumer prices increased solidly in September as Americans paid more for food, rent and a range of other goods, putting pressure on the Biden administration to urgently resolve strained supply chains, which are hampering economic growth." Source: https://www.reuters.com/world/us/us-con ... 021-10-13/ Accessed: 14/10/21 By definition, demand is the quantity of goods... a. desired by consumers. b. ordered by consumers in a particular period. c. consumers are willing and able to buy at particular prices in a certain period. d. that consumers want to buy Question 10 "Consumer confidence nose-dives amid... supply chain problems" Which panel of Figure 1.3 illustrates 'supply chain problems' alongside a decrease in consumer confidence? Figure 1.3 Price per Unit a. A b. B с. С d. D Untity Qcantity KEY Som A Kinnity [16) 20 Qlity 41 25 M (4 maris) 10 10:13 AM 7/6/2022

Question 11 (4 marks) "As the economy picks up, demand for many inputs is outstripping supply, driving up prices for things as diverse as construction materials, energy, food ingredients, and semiconductors. Soon, that list will include Office 365 subscriptions. You might not have heard about it from your sales rep yet, but Microsoft quietly announced that starting March 1, 2022, it will hike the price of many of its enterprise Office 365 and Microsoft 365 subscriptions. (Consumer and education subscription prices aren't changing - for now.)" Source: https://www.cio.com/article/3634389/microsofts-office 365-price-increases-how-to-reduce-the-hit.html Accessed: 14/10/21 An increase in the price of Office 365 subscriptions above the equilibrium will... a. Shift the Office 365 subscriptions' supply curve to the right. b. Shift the Office 365 subscriptions' demand curve to the right. c. Cause a surplus of Office 365 subscriptions. d. Cause a shortage of Office 365 subscriptions. Question 12 (4 marks) There is an increase in the number of adverts highlighting the danger of consuming sugar. Which of the following is likely to occur in the market for sugarless sweets, as a result of this? a. An increase in both the equilibrium price and quantity traded. b. A decrease in equilibrium price and an increase in equilibrium quantity traded c. A decrease in both the equilibrium price and quantity traded. d. An increase in the equilibrium price and a decrease in the equilibrium quantity traded.

Question 13 If the price elasticity of demand is 2.0, and a firm raises its price by 10 percent, the total revenue will... a. Not change. b. Fall by an undeterminable amount given the information available. c. Rise. d. Fall by 20 percent. Question 14 If the price elasticity of demand is 0.15, and the price is doubled, this will lead to a a. 30 percent increase. b. 15 percent decrease. c. 0.30 percent increase. d. 0.15 percent decrease. (4 maris) (4 marks) in the quantity demanded. Question 15 (4 marts) Which of the following statements is NOT true regarding the production function and the production possibilities curve? a. Both the production function and the production possibilities curve maximise the amount of output attainable. b. The production function describes the capacity of a single firm, whereas the production possibilities summarises the output capacity of the entire economy. c. A production function tells us the maximum amount of output attainable from the use of all resources. d. The production possibilities curve expresses the ability to produce various combinations of goods given the use of all resources.

Question 16 The average physical product of four units of labour in Figure 1.4 Figure 1.4 inding 50 48 40 12 0 I 1 a. 40 units per day b. 10 units per day c. 12 units per day d. 4 units per day 3 4 Labor Input (workers per day) 3 Total output 6 Question 17 Which of the following is always upward-sloping? a. The marginal cost curve when it is below the average total cost curve. b. The marginal cost curve when it is above the average total cost curve. c. The average fixed cost curve when it is below the marginal cost curve. d. The average total cost curve when it is above the marginal cost curve.

Question 18 Assuming that the apple farmer could earn $2,000 as an employee elsewhere, then the total economic profit/loss in Table 1.2 is... Fertilizer Seeds Water Wages Ameppe Farmer incurs the following costs and revenues Property taxes Interest payments on borrowed funds Sales of applies a. $925 b. -$75 c. -$2,000 d. -$1,075 I Table 1.2 $200 $250 3500 $1,200 $4,000 (4

Question 19 If the market price for the perfectly competitive firm represented in Figure 1.5 is $4... Figure 1.5 One and segret 19 XN LIVE IN | 15 QUANTITY IN W 11 IM LLL IN C N M MI B fel || KH M MA KIR www a. The firm should produce 13 units. b. The firm should shut down. c. The firm will make an economic loss in the long-run. d. The firm should continue to produce though it will not recover its variable costs. Question 20 (4 maris) It was reported that General Motors planned to essentially quit making cars and trucks in the United States for nine weeks from mid-May through July 2009 and Omaha Power planned to close one of its nuclear plants permanently. Based on these particular news reports, what is the difference between GM's and Omaha Power's decisions? a. Omaha Power was trying to get rid of excess inventory, and GM was trying to become more efficient. b. GM was trying to maximise profits while Omaha Power was trying to minimise losses. (4 maris) c. GM's decision to idle plants was a short-run shutdown decision. Omaha Power, by contrast, made a long-run decision to exit a specific market. d. There is no difference between GM's and Omaha Power's decisions; both were trying to get rid of excess inventory.

Question 21 The perfectly competitive firm represented in Table 1.3 will produce a profit maximising quantity of... Table 1.3 b. 3 C. 4 d. 5 Quanty 1 N ST 4 15 Price $500 3430 $400 SESO 16:00 Tota Bost $400 3650 3930 21.300 31 700

Question 22 In Figure 1.6, the total deadweight loss is represented by the area... Figure 1.6 E a. BDKJ b. CDFE c. ABGHE d. ABDC K G I MA ILI P H Qunity ber of d WTC D (4 marks) Question 23 (4 marks) The kinked oligopoly demand curve does NOT describe the demand curve for monopolistic competition because in monopolistically competitive markets... a. Firms are not as interdependent as oligopolistic firms. b. Firms have no market power. c. There is not as much product differentiation as in oligopoly. d. There is no non-price competition. (4 maiks)

Question 24 Table 1.4 represents a monopoly. The firm will earn a profit equal to... Table 1.4 Pen a. $18. b. $70. c. $72. d. -$12. SAL 50 39 57 Dead bee Quality 6 3 11 40 Cal Day Outpul G $ 4 201 Tall Cot 5-8 35² 357 STO

Question 25 (4 mats) Figure 1.7 represents an oligopoly firm. The existing price and quantity are $10 and 2000 units. The firm's demand curve will be... Figure 1.7 100 ww a. D₁ED₁ b. D₂ED2 c. D₁ED₂ d. D₂ED1 SOM ANTITY